A.M. Best has affirmed the financial strength rating of “B+ (Good)” and the long-term issuer credit rating of “bbb-” of AES Global Insurance Company (AGIC).
The ratings reflect AGIC’s risk-adjusted capitalisation, performance record and risk management capabilities.
According to A.M. Best, the ratings also consider AGIC’s role as a single-parent captive to AES Corporation, a provider of sustainable energy.
AES Corporation uses AGIC as a core element of its overall risk management programme and utilises the captive as an integral part of the process.
AGIC insures the global property and business interruption coverage for AES Corporation, its subsidiaries and affiliates, in partnership with AIG Europe Limited.
The ratings agency suggested that partially offsetting these positive rating factors is the company’s sole dependency on the parent company’s business opportunities for its growth prospects.
